| Principal place of business |
Ownership interest |
Nature of relationship |
Measurement method |
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|
Penguin Random House Ltd |
UK/Global | 25 | % | See below | Equity | |||||||||||
|
Penguin Random House LLC |
US | 25 | % | See below | Equity | |||||||||||
| The summarised financial information of the material associate is detailed below: | ||||||||
| 2017 | 2016 | |||||||
|
All figures in £ millions |
Penguin Random House |
Penguin Random House |
||||||
|
Assets |
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|
Non-current assets |
1,048 | 1,267 | ||||||
|
Current assets |
1,758 | 1,587 | ||||||
|
Liabilities |
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|
Non-current liabilities |
(859 | ) | (394 | ) | ||||
|
Current liabilities |
(1,579 | ) | (1,074 | ) | ||||
|
|
|
|
|
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|
Net assets |
368 | 1,386 | ||||||
|
|
|
|
|
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|
Sales |
2,693 | 2,620 | ||||||
|
|
|
|
|
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|
Profit for the year |
171 | 209 | ||||||
|
Other comprehensive expense |
(60 | ) | (14 | ) | ||||
|
|
|
|
|
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|
Total comprehensive income |
111 | 195 | ||||||
|
|
|
|
|
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|
Dividends received from associate in relation to profits |
146 | 131 | ||||||
|
Re-capitalisation dividends received from associate |
312 | |||||||
|
A reconciliation of the summarised financial information to the carrying value of the material associate is shown below:
|
2017 | 2016 | ||||||
|
All figures in £ millions |
Penguin Random House |
Penguin Random House |
||||||
|
Opening net assets |
1,386 | 1,206 | ||||||
|
Exchange differences |
(18 | ) | 179 | |||||
|
Profit for the year |
171 | 209 | ||||||
|
Other comprehensive expense |
(60 | ) | (14 | ) | ||||
|
Dividends, net of tax paid |
(1,167 | ) | (194 | ) | ||||
|
Tax adjustments in relation to disposals |
56 | — | ||||||
|
|
|
|
|
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|
Closing net assets |
368 | 1,386 | ||||||
|
Share of net assets |
92 | 651 | ||||||
|
Goodwill |
296 | 589 | ||||||
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|
|
|
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|
Carrying value of associate |
388 | 1,240 | ||||||
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